CAKE Technical Analysis: Control Of The $7.3 Mark And Growth To $19.5
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Therefore, when the CAKE price approaches the range of $7.3, buyers will have a favorable opportunity to buy this cryptocurrency and expect a strong growth boost with the first target of $12.9. At this point, the CAKE price has every chance to slow down and try to return to the downward trend. Therefore, the first part of your investment in CAKE should be sold in the range of $12.9. The rest will go to the section of long-term investments, which should be kept up to $19.5. Therefore, May 2022 has every chance to be a hot month in the good sense of the word.
Technical Analysis Of CAKE On The Daily Timeframe
The daily timeframe of the CAKEUSDT chart gives us some additional information. The first important local range of $8.5 is no longer important. In the period from 29 March to 10 April, the CAKE price freely stitched this range both up and down, proving the low interest of sellers to maintain control over the range of $8.5. Therefore, at the beginning of a new initiative of buyers, we do not expect serious resistance and stop the CAKE price in this range.
The second interesting fact of the daily timeframe is that the local fall wave is not over yet. The daily candle of 11 April showed that the CAKE price has not yet reached the liquidity zone of interest to buyers. Two days of price growth from 12 April prove it. Therefore, we expect an update of the local low and a thorough test in the range of $7.3. If you increase the trading volumes and reduce the size of daily candles - you should think about buying CAKE with the first target of $9.5. Taking this target does not change the medium-term trend in the market. Therefore, the probability of its implementation is quite high.
The CAKEBTC Price Is Corrected Before The New Growth Impulse
Analyzing the movement of the CAKEBTC price on the daily timeframe, you can see the beginnings of a new growth trend. After a strong boost in growth, which began on 17 March, the CAKEBTC price began to correct in a gentle fall channel. Regarding the growth wave, this correction looks weak. Sellers are reluctant to sell CAKE. The critical point for continued growth is at 0.00018. By keeping this mark, buyers will ensure strong and rapid growth with the first target of 0.000247. A breakdown of 0.00018 will not mean that the initiative has passed into the hands of sellers. This will only mean that buyers are not ready for action and consolidation in the range of 0.00015-0.000212 will continue.